Ethiopian Review

Addis Ababa – The total capital of banking industry has increased by 12.2 percent and reached close to 9.97 billion Birr at the end of June 2008, the National Bank of Ethiopia said.

The total capital share of the private banks rose to 33.8 percent from 29.7 percent a year ago, according to 2007/2008 annual report of the bank.

The same report indicated the number of banks has reached 11 of which eight were private ones.

It said noticeable branch expansion was carried out in the reported period. The share of private banks grew to 53 percent by the end of 2007/2008 from 48.5 percent the previous year.

The report said 38 percent of the branches banks were located in Addis Ababa in the reported year.

Meanwhile, the bank said the total capital of the insurance companies grew by 11.5 percent and reached 582.1 million birr in the country.

The total number of the insurance companies in the country rose to 10 in 2007/2008 from nine in the previous year. All are privately owned except Ethiopian Insurance Corporation.

- ENA